Introducing the Pendle wOUSD Market
wOUSD is now listed on Pendle with LP incentives live on the pool.
Pendle is a yield trading protocol that splits yield-bearing tokens into fixed and variable components, enabling fixed-rate access to yield that would otherwise only be available as a variable rate. Liquidity providers are currently earning over 150% APY with incentives, while any holder can now lock in 3.5% APY on OUSD yield through December 16, 2026.
What wOUSD Is
Origin Dollar is a yield-bearing stablecoin backed entirely by USDC. Rather than sitting idle, OUSD's collateral is deployed across curated Morpho Vaults, currently generating 6.1% APY. These vaults span lending markets on Ethereum, Base, and HyperLiquid, with yield bridged back to OUSD holders on Ethereum mainnet automatically.
wOUSD is the ERC-4626 wrapper around OUSD. While OUSD rebases (your balance grows as yield accrues), wOUSD holds a fixed token balance while its redemption value appreciates. That makes it compatible with protocols like Pendle that do not support rebasing tokens.
How wOUSD Works on Pendle
Pendle splits wOUSD into two tokens: PT-wOUSD and YT-wOUSD.
PT-wOUSD represents the principal. It trades at a discount and redeems 1:1 with OUSD at maturity on December 16, 2026, locking in a 5.5% fixed APY on stablecoin yield for the duration. For holders who want predictable returns without managing yield rate risk, PT is the straightforward path.
YT-wOUSD represents the yield. Holders receive the variable yield accruing on wOUSD until maturity: a leveraged position for those who expect OUSD's underlying yield to increase.
LPs power the market for both. By providing liquidity to the wOUSD pool, LPs enable PT and YT trading and earn fees from both sides of that activity.
Deposit wOUSD on Pendle, Earn Incentives
For wOUSD holders: fixed-rate stablecoin yield is now accessible without leaving the OUSD ecosystem. Locking in 3.5% APY through December removes exposure to yield rate fluctuation while keeping the position in a USDC-backed asset.
For LPs: the pool structure limits downside in a way most AMM positions cannot offer. At maturity on December 16, PT redeems 1:1 with OUSD. The structure guarantees zero impermanent loss at expiry. LPs earn trading fees from both PT and YT activity, plus additional incentives bringing total current APY to over 150%.
Get Started
Whether you're locking in a fixed rate with PT or providing liquidity to earn incentives, the wOUSD pool on Pendle offers both paths from a single USDC-backed asset. We look forward to growing the integration with the Pendle ecosystem as the pool develops.
Add liquidity to the wOUSD pool on Pendle.
